Scott's Cycles selis merchandise on credit terms of 1/15,n/30.A sale invoiced at $1,100 (cost of sales $690) was made to Shannon Allen on February 1. The company uses the gross method of recording sales discounts. Required: 1. Give the journal entry to record the credit sale. Assume use of the perpetual inventory system. 2. Give the journal entry, assuming that the account was collected in full on February 9 3. Give the journal entry, assuming instead that the account was collected in full on March 2 . On March 4, the company purchased bicycles and accessories from a supplier on credit, invoiced at $9,300; the terms were 4/10, n/30. The company uses the gross method to record purchases. Required: 4. Give the journal entry to record the purchase on credit. Assume the use of the perpetual inventory system. 5. Glve the joumal entry, assuming that the account was paid in full on March 12. 6. Give the journal entry, assuming, instead, that the account was paid in full on March 28. Complete this question by entering your answers in the tabs below. 1. Give the journal entry to record the credit sale. Assume use of the perpetual inventory system. 2. Give the journal entry, assuming that the account was collected in full on Fobruary 9 , 3. Give the journal entry, assuming instead that the account was collected in full on March 2. (if no entry is required for a transactionyevent, select "No journal entry required" in the first account field.) The records at the end of January of the current year for Young Company showed the following for a particular kind of morchandise: Beginning Inventory at FIFO: 14 Units $15=$210 Beginning Inventory at LIFO: 14 Units 9$11=$154 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methoss. 2. Which costing method is the more accurate indicator of the efficiency of inventory management? Complete this question by entering your answers in the tabs below. Compute the inventory tumover ratio for the month of January under the FIFO and LIFO inventory costing methods. (Do not. round intermediate calculations and round your final answers to 2 decimal places.) 4.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item-by-item basis. Givoly Incorporated uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year. the accounting records provided the following information for product 2 : 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases: 3. Which inventory costing method may be preferred for income tax purposes? Complete this question by entering your answers in the tabs below. Prepare a separate income statement through pretax income that detalis cost of goods sold for (a) Case A: FIFO and (b) Case 8: LIFO. Notes Loss amounts should be indicated with a minus sign. Hamiton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount
